Reassessment of income as the word suggests is assessing the income of an assessee again even when the assessment has taken place earlier. Such reassessment... Read More
Income Tax
Penalty under the Income Tax Act
3 min read
The Income Tax Act provides that if someone fails and/ or neglects to pay tax, penalty imposed on him and he is liable to pay... Read More
It is not that always the income tax payer is on the wrong side. Sometimes, the behavior and the attitude of the income tax assessing... Read More
It has been a common speculation that Indians pay less tax than they actually should. Myriad techniques are devised to chalk out a plan that... Read More
The issue of the taxability of educational institutions regarding their incomes from investments or income from properties and other sources has been controversial since long.... Read More
Before suggesting any solution, it would be important to know what exactly gift deed or will is. Transfer of property made voluntarily without any consideration... Read More
Penalties for tax evasion
2 min read
Tax evasion as an offence: Tax evasion is an illegal act which occurs for failure to file income tax return or altering the tax amount... Read More
Present provisions of section 139(9) of the Income Tax Act: The present provisions of section 139(9) of the Income Tax Act contain the conditions the... Read More
Rules Relating to Gift Tax in India
2 min read
Your mother transferred an amount of money to your bank account for helping you for a certain reason. Have you ever thought that is there... Read More
Presently, there are more than 12 lakh duplicate PAN (Permanent Account Number) card holders existing in our country. Though the government denies the allegations of... Read More